The bank’s microfinance portfolio reached $1.28 billion last year, represented by more than 220,000 loans, this being a significant contribution to the financial services of Colombian families.
Colombia News.
Banco W, one of the most important microfinance institutions in Colombia, continues to ensure that thousands of microentrepreneurs and independent workers in the country continue to have the opportunity to advance with their businesses.
And it is that since its creation, the financial entity works to provide access to savings products and financial services to low-income populations to achieve their economic objectives and improve their quality of life.
For this reason, the bank has been able to provide a significant contribution to the financial services of many Colombian families with products that promote inclusion in this sector.
Microcredit, free savings, investment in CDTs, microinsurance and remittances are part of the access that the bank allows.
2021 figures
Thanks to microfinance products in 2021 the Bank generated financial inclusion to 38,020 people throughout the country, which contributed to their growth and quality of life. (20,836 women and 17,192 men)
Likewise, Bank W managed to make important efforts visible again in different regions of the country with its 157 offices in the national territory.
This presence allows coverage in 30 departments and 716 municipalities in the country.
Inclusion in cities and regions
Banco W has reached remote populations to generate financial and social inclusionreaching $1.28 billion of microcredit portfolio.
Interested in: Banco W continues to generate financial inclusion in low-income communities throughout the national territory
In Cali and Valle, the entity’s microfinance portfolio closed at $489,905 million and 69,759 clients.
While in Bogotá and Cundinamarca the portfolio closed $124,788 million; in Medellín and Antioquia at $37,000 million; on the Caribbean coast at $86,627; in the Coffee Region $58,269; Pasto and Nariño $74,710 million; in Neiva and Huila $40,565; and in Bucaramanga and Santander it is $39,000 million.
A bank with a social purpose
According to José Alejandro Guerrero, president of Banco W, “during 2021, microfinance entities in Colombia disbursed more than $9 billion in the microcredit modality, to transfer more than 1.6 million microentrepreneurs.”
In the case of “our bank, we have been key players in this engine of reactivation of the economy with a participation close to 12% of the total amount placed and 11% of the microentrepreneurs served,” he said.
Meanwhile, savings accounts also had an impact on its success with 825,325 and 783,196 clients in this type of product. Thus, the balance of savings deposits was $305,264 million in the national total.
Additionally, they captured $597,843 million in the number of CDTs, reaching 21,767 with 16,450 clients.
Also read: ‘Savings Camp’ Banco W’s digital program to help children learn about saving and entrepreneurship
“At Banco w we want to provide sustainable development to our clients not only through innovative products designed based on the needs and desires of our clients, but also an excellent experience for all Colombians who want to dream big and achieve their goals” Warrior added.
The #BankW took stock of its microfinance figures at the end of December 2021, with microcredit products and services, free savings, investment, microinsurance, payroll and remittances.
News taken from: The Republichttps://t.co/XYog7lBy0f
– Bank W (@BancoWOficial) February 15, 2022
